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Dec 11, 2012
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hsbc was hit with a $1.9 billion fine. the ceo said we accept responsibility for our mistakes and are profoundly sorry for them. >> a full year loft loss of 4.7 billion euros, thinksen krup has more details. >> they are starting to look at the positive of what i would call a -- strategy, i.e., a clean sweep when it comes to the business strategy of thyssenkrupp as well as the instruct occur and the refocusing on being transparent and definitely being something shareholders should trust. so no dividends, jobs may go and the sale of celiamerica being looked at. the cfo says there's a handful of interested parties in that particular party of the business. all in all, i think if you look at the message and the resale note issued by j.p. morgan earlier on this morning, on the back of the numbers, it's a very positive story because all the rubbish that needs to be cleaned out is being cleaned out. when it comes to the actual strategy, it will be reduced process on sale after the sale of about 30% will come from that sector. the
hsbc was hit with a $1.9 billion fine. the ceo said we accept responsibility for our mistakes and are profoundly sorry for them. >> a full year loft loss of 4.7 billion euros, thinksen krup has more details. >> they are starting to look at the positive of what i would call a -- strategy, i.e., a clean sweep when it comes to the business strategy of thyssenkrupp as well as the instruct occur and the refocusing on being transparent and definitely being something shareholders should...
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Dec 3, 2012
12/12
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the hsbc pmi final reading came in at 50.5, the quickest expansion in over a year. the industry saw a pick up in new orders as well as stronger exports thanks in part to christmas demand. the concern is about the the unevenness of the recovery. the sub indices for employment as well as small and medium sized companies ticked downwards and that suggested to some that the recovery is mainly led by investment in state-owned enterprises. a bigger worry is about the outlook for external demand especially in the united states. people here are worried about the fiscal cliff and the potential impact that it could have on american consumers as well as the factories here. eunice yun, cnbc, beijing. >> are those fears right, is the the expansion just investment-led and therefore not worth as much and that seems to be the insinuation? >> also i think china and china manufacturing has always historically been investment led anyway. much less consumer dependent than what we see maybe in europe and the u.s. but, yes, that meeting is just back into expansion territory. that's good
the hsbc pmi final reading came in at 50.5, the quickest expansion in over a year. the industry saw a pick up in new orders as well as stronger exports thanks in part to christmas demand. the concern is about the the unevenness of the recovery. the sub indices for employment as well as small and medium sized companies ticked downwards and that suggested to some that the recovery is mainly led by investment in state-owned enterprises. a bigger worry is about the outlook for external demand...
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Dec 10, 2012
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that is over just allegations that hsbc had controls in place for money laundering to places like iran and other regions where u.s. has financial sanctions there. that would be a record settlement and comes at a time when being hit about that exact issue. we'll be watching the tape for that tomorrow. >> all right. thank you very much. >>> so death to the dreaded death tax? one of our next guests says they hurt the economy more than they help and he calls them jobs killers. a heated debate on the death tax coming up here. >>> but coming up next, more republican lawmakers are saying they are open to higher tax rates on the rich if they come with spending cuts. that's a really big if. we're going to speak with one gocongressman who will lay out the spending cuts he would like to see, he needs to see in order to vote on the higher taxes. >>> and we wanted to give you a heads up on a hot slide show on cnbc.com that highlights predictions that went wrong this year. one great example, doomsday forecast that the u.s. bond market would go bust. thankfully that did not happen. quite the opposite
that is over just allegations that hsbc had controls in place for money laundering to places like iran and other regions where u.s. has financial sanctions there. that would be a record settlement and comes at a time when being hit about that exact issue. we'll be watching the tape for that tomorrow. >> all right. thank you very much. >>> so death to the dreaded death tax? one of our next guests says they hurt the economy more than they help and he calls them jobs killers. a...
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Dec 12, 2012
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hsbc will pay fines totaling $1.9 billion. it also will beef up its monitoring of suspicious financial activity. in august, a different british bank, standard chartered, paid $340 million to new york state, settling claims it laundered hundreds of billions of dollars for iran. sarah jane hughes is a law professor at indiana university. she joins us from bloomington. >> tom: professor, does this punishment for hsbc fit the crime? >> well, the parties clearly think that it does. >> tom: at $2 billion almost, it is certainly significant larger than the standard charter settlement from earlier this year. why the big difference? >> the duration, the number of individual violations, the number of countries involved, the fact that mexico is also involved. many factors. >> tom: let's talk about the global nature of this. to put it frankly, is money laundering a business model for global banking? >> well, money laundering is certainly a business model. and the united states has sent clear signals this year and before that it does not w
hsbc will pay fines totaling $1.9 billion. it also will beef up its monitoring of suspicious financial activity. in august, a different british bank, standard chartered, paid $340 million to new york state, settling claims it laundered hundreds of billions of dollars for iran. sarah jane hughes is a law professor at indiana university. she joins us from bloomington. >> tom: professor, does this punishment for hsbc fit the crime? >> well, the parties clearly think that it does....
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Dec 11, 2012
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hsbc was charted laundering funds for iran and mexican drug cartel. delta airlines buying a 49% stake in virgin atlantic from singapore airlines. $360 million. virgin atlantic will retain the majority 61% stake along with the brand of operating certificate. as the u.s. banks could be facing massive attacks on the websites after a group associated with islamic terrorism posted on a message board that it will be targeting jpmorgan chase, bank of america, suntrust bank. this latest from the fox business network giving you the power to prosper. ashley: three consecutive years of smaller u.s. corn harvest has driven inventories to 39 year low. spurring goldman sachs predict prices hitting near record highs. sandra smith taking a look at how you should play corn prices. in today's "the trade." sandra: got it. here's the thing to another: at thinking that agriculture is now, we are not talking about planting or in the growing season for corn, but that may be a good time to look at some of these stocks like caterpillar off of the highs of $100 per share. the
hsbc was charted laundering funds for iran and mexican drug cartel. delta airlines buying a 49% stake in virgin atlantic from singapore airlines. $360 million. virgin atlantic will retain the majority 61% stake along with the brand of operating certificate. as the u.s. banks could be facing massive attacks on the websites after a group associated with islamic terrorism posted on a message board that it will be targeting jpmorgan chase, bank of america, suntrust bank. this latest from the fox...
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Dec 12, 2012
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lenny brewer said that the scale of hsbc's operation was stunning. >> at least one occasion, hsbc instructed a bank in iran on how to format payment messages so that transactions would not be blocked or rejected by the united states. lou: brewer however also defended the decision to not prosecute the bank, he said. if authorities pressed charges hsbc would almost certainly have lost its banks license here in this country which would have cost thousands of jobs, joining us now to assess this, and more, former prosecutor alease wheel, and artie idala . is -- where is the outrage that lenny brewer, already -- certainly implicated in the "fast and furious" scandal is standing there, as spokesman u.s. justice department saying they are not going to prosecute. >> you set it up not fair, you did not say, deferred prosecution. lou: i'm sorry who is going to jail. i want to get this right. >> not yet, but if they don't pay the money, if they don't -- they have 5 years of probation, at this point, so,. lou: you are right. >> brewer and the rest of the crew -- >> lisa i'm crushed. >> here is reality ch
lenny brewer said that the scale of hsbc's operation was stunning. >> at least one occasion, hsbc instructed a bank in iran on how to format payment messages so that transactions would not be blocked or rejected by the united states. lou: brewer however also defended the decision to not prosecute the bank, he said. if authorities pressed charges hsbc would almost certainly have lost its banks license here in this country which would have cost thousands of jobs, joining us now to assess...
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Dec 6, 2012
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hsbc came under pressure after reports say it may pay a $1.8 billion fine over the money dering scandal. in australia, strong jobs data failed to boost the market. the asx 200 finished lower by a quarter percent. sensex still in action now trading lower by 0.4%. back to you. >> all right. catch you later. apple had its worst day in four years dragging down the nasdaq. different story for the dow. at one point dow was up more than 100 points. the last time the index closed up triple dinlg et gains, the way back in may two 2. joining us for the first part of the program, nick khar. thanks for joining us. xetra dax up 52 week highs. which is sort of interesting in several. >> nokia down 9% over the last five years. and i guess the apple story if you're a bear is a potential nokia story, a story about a company that is dominating its space at the moment, but priced for perfection. so who knows if there is a disappoint coming. but if there is, there's not much margin for error. gr it all depends on whether we'll be buying other products other than apple in five years time. >> it's a very rap
hsbc came under pressure after reports say it may pay a $1.8 billion fine over the money dering scandal. in australia, strong jobs data failed to boost the market. the asx 200 finished lower by a quarter percent. sensex still in action now trading lower by 0.4%. back to you. >> all right. catch you later. apple had its worst day in four years dragging down the nasdaq. different story for the dow. at one point dow was up more than 100 points. the last time the index closed up triple dinlg...
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Dec 20, 2012
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it was hsbc providing support for this market. generally, the tone wasn't all that great in either of these markets. this was largely on the back of the chinese banks. the big four. to get their balance sheets in order for tougher regulations next year. the shanghai composite has rallied about 9% since the beginning of december, but really, it's not enough to pull it out of the plays of the one of the worst performing indexes in asia. it is still on track for a third year of losses, a three-year bear market in china while growth has been, what, over 8%? pretty amazing there. let's move on to australia. we did see some gains. the s&p asx 200 hovering near its seven-month high. the miners gave up some gains today, but we did see some positively -- and this is despite wayne swan, treasurerer, saying they are likely to deliver a budget surplus tore this year. the asx 200 still moving up. the asx in india still down by a quarter of a percent. a mixed bag here. >> thank you very much this morning. now let's check in on markets -- we did
it was hsbc providing support for this market. generally, the tone wasn't all that great in either of these markets. this was largely on the back of the chinese banks. the big four. to get their balance sheets in order for tougher regulations next year. the shanghai composite has rallied about 9% since the beginning of december, but really, it's not enough to pull it out of the plays of the one of the worst performing indexes in asia. it is still on track for a third year of losses, a...
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Dec 12, 2012
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hsbc admitted on tuesday its anti-money laundering measures had been inadequate. the bank agreed to pay the penalties to u.s. authorities including the justice department. the bank says it accepts responsibility for past mistakes and has beefed up its internal controls. in july, a u.s. senate report accused the bank of being involved in money transfers linked to drug deals originating in mexico. the report also said the bank settled money transactions with links to iran, a country under u.s. sanctions. >>> now, british authorities have arrested three british men. that's over their alleged connection to a rate-fixing scandal involving libor, the london interbank offered rate. the serious fraud office announced tuesday the first arrests in the case that has rocked the financial community. but officials gave no details other than the arrested men are british citizens in their 30s or 40s. 's unknown whether the suspects worked for banks or what their exact charges are. in june, the nation's financial regulators imposed a huge fine on barclays bank based in the uk for
hsbc admitted on tuesday its anti-money laundering measures had been inadequate. the bank agreed to pay the penalties to u.s. authorities including the justice department. the bank says it accepts responsibility for past mistakes and has beefed up its internal controls. in july, a u.s. senate report accused the bank of being involved in money transfers linked to drug deals originating in mexico. the report also said the bank settled money transactions with links to iran, a country under u.s....
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Dec 31, 2012
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the best performer on the s&p 500 today, up 8.4%, moving higher on those numbers out of china, the hsbc manufacturing index strongest in 18 months. however, down from the previous month. new export activity fell because of this weak demand. so, the big question, will the momentum continue? this stock actually the worst performer on the s&p 500 for the year. >> wow. the worst, but at the same time, we're seeing iron ore prices, huge fourth quarter. >> closed at $140 today. they were at $86 eight weeks ago. people were pricing in death and destruction for coke and coal. the cliffs are 92% coke and coal, iron ore. this is an impressive stock to look at because this is a barometer. we broke through major levels on this stock today. i think it goes higher. i think the other guys in the space go higher. >> the only problem, though, tim, is that cliffs was lagging iron ore prices. we spoke about it in september, it was down to $85, $86. now it looks like -- i'm talking about iron ore. it looks like it's hitting a wall. clutches did lag. i feel like it had too big of a move. >> iron ore prices
the best performer on the s&p 500 today, up 8.4%, moving higher on those numbers out of china, the hsbc manufacturing index strongest in 18 months. however, down from the previous month. new export activity fell because of this weak demand. so, the big question, will the momentum continue? this stock actually the worst performer on the s&p 500 for the year. >> wow. the worst, but at the same time, we're seeing iron ore prices, huge fourth quarter. >> closed at $140 today....
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Dec 11, 2012
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$2 billion to hsbc is six weeks, eight weeks of earnings. it is a lot of money, relatively or specifically. but compared to the profits that you can make by breaking the law, if you know that the degree of accountability that will come is from an individual level, you're essentially going to keep all the profits you made in your bonus for doing this illegal activity, and even as an institution, who really pays? it is the shareholders. today's share holders were paying for profits earned by yesterday's executives. this is an untenable situation that will lead to more crime and more crisis. >> neil barofsky, thank you, sir. good to have you back on the show. >> thank you. >>> in broad daylight, along one of new york's busiest streets, someone shoots a man, point blank, and then runs. now as police hunt for the so-called assassin, look at this, new video shows the suspect moments before. yes. but you're progressive, and they're them. yes. but they're here. yes. are you...? there? yes. no. are you them? i'm me. but those rates are for... them. s
$2 billion to hsbc is six weeks, eight weeks of earnings. it is a lot of money, relatively or specifically. but compared to the profits that you can make by breaking the law, if you know that the degree of accountability that will come is from an individual level, you're essentially going to keep all the profits you made in your bonus for doing this illegal activity, and even as an institution, who really pays? it is the shareholders. today's share holders were paying for profits earned by...
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Dec 19, 2012
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of course, following that $1.9 billion fine that was given to hsbc. what we do know is that the company is admitting criminal wrongdoing in its japanese arm because, you know, around 30 traders worldwide had manipulated the yen libor between 2005 and 2010. the ceo speaking this morning says, you know, despite the troubles in the japanese arm, he does not believe that there's -- the bank is going to be shutting down the operations in that country entirely. saying that 30 to 40 people have already left the bank. they also gave us a bit more information on what kind of impact this will have on profits. they see a fourth quarter net loss of around 2.5 billion swig franks. a full-year profit of 2.5 to 3 billion. and the most important part, why shares are trading up. they still expect a fourth quarter net new money being positive. and again, i mean, it's puzzling to some. on the other hand, investors are clearly focusing on the rebound story much more than the lobbyer story because, you know, these are things of the past. >> and also it's the "wall street
of course, following that $1.9 billion fine that was given to hsbc. what we do know is that the company is admitting criminal wrongdoing in its japanese arm because, you know, around 30 traders worldwide had manipulated the yen libor between 2005 and 2010. the ceo speaking this morning says, you know, despite the troubles in the japanese arm, he does not believe that there's -- the bank is going to be shutting down the operations in that country entirely. saying that 30 to 40 people have...
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Dec 19, 2012
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it only was topped by the $1.9 billion penalty that hsbc agreed to last week to settle that money laundering probe. >> crazy thing that stock's up. it's leading the exchange there today because people had been expecting maybe a slightly higher fine even than that. three times the amount. it was supposedly taking place for five to seven years, 30 to 40 traders have left. pretty pervasive. >> i wonder how much they -- they make money or lose money after -- >> after all was said and done. $1.5 billion. >> probably lost. they did well. the libor stuff, if you can set rates -- >> well, and the crazy thing, it affects so many different instruments and so many people and so many businesses. >> right. >> i don't know that you could ever actually figure out all the implications from it. >> right. from everyone. and in a related story this morning, the f.t. reports that the new york fed was warned as early as mid 2008 that banks might have been misrepresenting their libor borrowing rate. that was to aid their own trading positions. and that date is much earlier than previously known. according to the
it only was topped by the $1.9 billion penalty that hsbc agreed to last week to settle that money laundering probe. >> crazy thing that stock's up. it's leading the exchange there today because people had been expecting maybe a slightly higher fine even than that. three times the amount. it was supposedly taking place for five to seven years, 30 to 40 traders have left. pretty pervasive. >> i wonder how much they -- they make money or lose money after -- >> after all was said...
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Dec 4, 2012
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from around the globe are said to be questioning financial firms such as jpmorgan chase, citigroup and hsbc in connection with the libor rate fixing scandal. trying to limit damage from the phone hacking scandal that engulfed his news of the world paper, rupert murdoch is speeding through the split-up of his media empire. in june, murdoch announced that news corporation would split into two, separating publishing assets from the more lucrative film and television arm of the business. news corp. announced additional deatils of the split this week, including the shuttering of the daily, a tablet-only publication that has struggled to find a foothold in the marketplace. a major deal is happening in the dairy industry. in an attempt to milk more from the u.s. market, canada's largest dairy processor, saputo, is buying the morningstar unit of dean foods for $1.45 billion. morningstar's products include creamers, ice cream and cottage cheese. dean foods, the largest dairy producer in the u.s., based in dallas, is in downsizing mode. the deal with saputo is expected to close at the end of the year
from around the globe are said to be questioning financial firms such as jpmorgan chase, citigroup and hsbc in connection with the libor rate fixing scandal. trying to limit damage from the phone hacking scandal that engulfed his news of the world paper, rupert murdoch is speeding through the split-up of his media empire. in june, murdoch announced that news corporation would split into two, separating publishing assets from the more lucrative film and television arm of the business. news corp....
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hsbc is a famously tightly run bank. obviously the people at the top had to know something was amiss. but, look, the top dog -- >> more than fines? more than $2 billion? >> i don't -- i question, very respectfully, whether or not there should be some criminal -- this is a guy watching drug money, apparently, go across the border in gigantic quantities, nothing done about it. if you or i brought a marijuana cigarette into the state of south carolina, we would be put in prison. this guy is shipping billions and he gets to pay it off with the stockholders' money. he's not out one single cent. it is all the stockholders' money. >> ben stein, appreciate your candor. thanks for coming on. >> always love being here. >> thank you. >> love being here. >>> now this, a near miss. just ahead, an asteroid passes, comes closer to earth than the moon. hmm. chad myers joins me on how close this was, calling it a close shave. >>> also an ex-marine jailed in mexico, alarming accusations now on how he's being treated and threatened. so wha
hsbc is a famously tightly run bank. obviously the people at the top had to know something was amiss. but, look, the top dog -- >> more than fines? more than $2 billion? >> i don't -- i question, very respectfully, whether or not there should be some criminal -- this is a guy watching drug money, apparently, go across the border in gigantic quantities, nothing done about it. if you or i brought a marijuana cigarette into the state of south carolina, we would be put in prison. this...
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Dec 3, 2012
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hsbc's manufacturing purchasing index came in at 55 in november. it separates expansion from contraction. and the latest twilight film was number one at the weekend box office for the thrt straid straight weekend. it took in $17.4 million in sales. that barely edged out "skyfall." >> that's a lot of money for "twilight." >> it's been a while. >> it's enough money, they all need acting lessons. every one of the actors in that movie, send them to acting sales. >> you loved the film. >> i didn't see the latest -- do you think i saw the latest one? that's insulting to me. it's a game of political chicken. the white house says republicans should come clean about how much they're willing to raise tax rates on the rich. republicans counter saying the president's plan is a joke that avoids tough decisions. we're looking to rise above the partisan politics and get a deal done. our guest hosts are looking to do the same. david walker is the ceo of the comeback initiative and steve mcmahon is a democratic strategist and co-founder of purple strategies. as you
hsbc's manufacturing purchasing index came in at 55 in november. it separates expansion from contraction. and the latest twilight film was number one at the weekend box office for the thrt straid straight weekend. it took in $17.4 million in sales. that barely edged out "skyfall." >> that's a lot of money for "twilight." >> it's been a while. >> it's enough money, they all need acting lessons. every one of the actors in that movie, send them to acting...
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Dec 11, 2012
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ing, hsbc, tried to move into the u.s. market and they tried to find ways, of course to build quickly in the u.s., acquisitions and other things. they're such big banks. are they so big they couldn't follow what the u.s. was doing, what their people in the u.s. were doing? were they able to get away with things in the u.s. not complying with u.s. law because headquarters here in europe couldn't keep control of it? that's one of the questions. the other one is, were they aggressively trying to build their business so much in the u.s. that they closed they're eyes to what was going on? that's why they're all facing fines, i think. >> thank you. >>> traditional ethiopian music meeting jazz rhythms. an artist who never touched an instrument until ten years ago. now changing the face of ethiopian music. when we got married. i had three kids. and she became the full time mother of three. it was soccer, and ballet, and cheerleading, and baseball. those years were crazy. so, as we go into this next phase, you know, a big part of i
ing, hsbc, tried to move into the u.s. market and they tried to find ways, of course to build quickly in the u.s., acquisitions and other things. they're such big banks. are they so big they couldn't follow what the u.s. was doing, what their people in the u.s. were doing? were they able to get away with things in the u.s. not complying with u.s. law because headquarters here in europe couldn't keep control of it? that's one of the questions. the other one is, were they aggressively trying to...
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Dec 13, 2012
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hsbc crossed off $1.5 billion. does it go to any victims of this crime? there are no victims of the crime. does it pay restitution? nobody was harmed, so no restitution to be paid. here is what the government said the bank did. here's what the bank admitted to doing. engaged in money laundering outside the united states. so how does the justice department prosecute criminal activity that occurs outside the united states? if someone engages -- ashley: was a facilitated by somebody in the united states? >> of course that s the argument. but to say these people were tutored outside the united states and how to avoid disobeying the law, that is what lawyers do. they twitter clients into how to avoid disobeying the law. here is your product, here is your goal. the lawyer will tell you how to do it lawfully. if it means to business as to not to violate, everyday. if it means to trick the government, the lawyer is participating in a conspiracy. ashley: finding a way around the system. >> again, we are arguing in a vacuum because the case is always settle. not a
hsbc crossed off $1.5 billion. does it go to any victims of this crime? there are no victims of the crime. does it pay restitution? nobody was harmed, so no restitution to be paid. here is what the government said the bank did. here's what the bank admitted to doing. engaged in money laundering outside the united states. so how does the justice department prosecute criminal activity that occurs outside the united states? if someone engages -- ashley: was a facilitated by somebody in the united...
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Dec 7, 2012
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we're talking, you know, latest deal hsbc $9.4 billion sale. 15.6% stake in insurance group to thailand based investor group but we're talking about cross border when we talk about china don't forget. we focus so often on u.s. and u.s. companies. the chinese may not be doing a lot of investing for various reasons including political considerations, but they are investing around the world aggressively when it comes to resources. no deal more reflective of that than the one we are waiting for, investors in takeover space are waiting for approval if it does, i'm talking about cnooc's. we'll see if that deal is going to occur. many expect that it will. that seems to be where it is. one never knows on these important issues but again another deal, important deal adding to that very large total for m&m out of china. >> something to watch going into 2013. >>> whirlpool has had the fourth best performance on the s&p 500 so far this year. we'll talk to the ceo about his plan to expand in the united states coming up in the next hour. >>> more reaction to this morning's jobs report. it's an exclus
we're talking, you know, latest deal hsbc $9.4 billion sale. 15.6% stake in insurance group to thailand based investor group but we're talking about cross border when we talk about china don't forget. we focus so often on u.s. and u.s. companies. the chinese may not be doing a lot of investing for various reasons including political considerations, but they are investing around the world aggressively when it comes to resources. no deal more reflective of that than the one we are waiting for,...
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bank of america and hsbc combined plan for 40,000 layoffs this year. ubs said in october it would cut 10,000 workers. all told, more than 300,000 financial industry jobs have been lost worldwide during the past two years. the bank belt-tightening is expected to continue in 2013. macs are making their way back to the u.s. apple ceo tim cook told bloomberg this week the company will begin manufacturing a line of mac computers in the u.s. most of apple's products are made in asia. factories such as foxconn, a major apple supplier, have come under heavy scrutiny for low wages and poor working conditions. cook said the company will spend $100 million on the manufacturing move in the states, but no word yet on where it will take place. in other apple news, the iphone is getting picked up by another carrier. t-mobile will begin selling the iphone next year. talks are back in the fiscal fight. according to the wall street journal, the staffs for president obama and house speaker boehner are talking again. it follows a nearly week-long silence. wednesday, the p
bank of america and hsbc combined plan for 40,000 layoffs this year. ubs said in october it would cut 10,000 workers. all told, more than 300,000 financial industry jobs have been lost worldwide during the past two years. the bank belt-tightening is expected to continue in 2013. macs are making their way back to the u.s. apple ceo tim cook told bloomberg this week the company will begin manufacturing a line of mac computers in the u.s. most of apple's products are made in asia. factories such...
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Dec 26, 2012
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morgan chase with that big loss, goldman sachs makes list, hsbc. did it change people's perceptions of these big banks? > > when we look at the data, we can see that trust in the financial service industry has further eroded. so any time you have a crisis like that, it has an impact on the company overall. but when you have a bunch of companies together, it does erode trust in the industry as a whole. > there was also a tragic event that made the list: costa concordia. > > yes. costa concordia, we all remember the images of the half-tipped-over cruise ship right there off the coast of italy. it was a tragic case, it was obviously a loss of lives and a tragic situation all around. what made it particularly striking, however, was some of the kind of bizarre circumstances surrounding the behavior of the captain at the time. and that immediately raised questions about the safety standards at the operator. > that's right, thoughts of an affair with a younger woman, and there were just a lot of details on that. moving on to apple and foxconn. this was a
morgan chase with that big loss, goldman sachs makes list, hsbc. did it change people's perceptions of these big banks? > > when we look at the data, we can see that trust in the financial service industry has further eroded. so any time you have a crisis like that, it has an impact on the company overall. but when you have a bunch of companies together, it does erode trust in the industry as a whole. > there was also a tragic event that made the list: costa concordia. > > yes....
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Dec 14, 2012
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there's speculation of state backed institutional buying and a better early pmi reading from hsbc. that showed china's factory activity climbed to a 14-month high. it's the fifth straight monthly gain with new orders to a 19-month high and stronger job snaps, as well. on the markets, infrastructure placed the top gainers. hope for beijing's urban growth plan. financials soared on cheap valuations. shares in hong kong got a modest lift, ending higher by .7%. petrochina ended 1.3% higher. in japan's, the tankan pure say might have put more pressure on the boj to raise rates next week. sharp shares gained nearly 8% today and it has chalked up a more than 50% rise on short covering. >> the aussie market ended flat around its 17-month high. the index sensex is higher by .5%. back to you. >> thank you for that. were seeing the dow poised to open higher. similar gains to the nasdaq and s&p 500, which have been rallying this weeks, but not by great leaps and bounds. the cnbc ftse 300 is lower by 0.2%. european bourses are mixed. we are seeing the mib and the ibex in italy gaining on the da
there's speculation of state backed institutional buying and a better early pmi reading from hsbc. that showed china's factory activity climbed to a 14-month high. it's the fifth straight monthly gain with new orders to a 19-month high and stronger job snaps, as well. on the markets, infrastructure placed the top gainers. hope for beijing's urban growth plan. financials soared on cheap valuations. shares in hong kong got a modest lift, ending higher by .7%. petrochina ended 1.3% higher. in...
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Dec 10, 2012
12/12
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hsbc admitted to poor money laundering controls last summer following a u.s. senate investigation. >>> the journal reports that the settlement could be announced as early as tuesday. >>> petsmart and limited brands are the latest in a long list of u.s. companies offering special one-time payments or accelerated dividends before scheduled tax hikes in the new year. petsmart declared a special dividend of 16.5 cents a share payable to investors december 30 first. it would have been payable in february. that is the latest from the fox business network, giving you the power to prosper liz: so the robert f. kennedy center for justice and human rights is holding its annual holiday auctions. this one's amazing for business viewers. it is ending tomorrow. this year the fund-raiser is featuring a whole bunch items with financial leaders one of whom joins us right now. robert wolf is the ceo and founder of 32 advisors and formerly the head of ubs americas, and kerry kennedy is the president of the robert f. kennedy center. welcome to you both. i ran into kerry backstage
hsbc admitted to poor money laundering controls last summer following a u.s. senate investigation. >>> the journal reports that the settlement could be announced as early as tuesday. >>> petsmart and limited brands are the latest in a long list of u.s. companies offering special one-time payments or accelerated dividends before scheduled tax hikes in the new year. petsmart declared a special dividend of 16.5 cents a share payable to investors december 30 first. it would have...
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Dec 5, 2012
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insurance surged 5% after hsbc explored a stake group. the nikkei closed at a seven-month high. shares gained 4% after the qualcomm investment firm. in south korea, samsung hit another all-time high, helping the kospi finish higher by .6 of a percent. this despite a slightly slower gdp growth in q3. back to you. >> sixuan, thanks very much indeed for that. that's feeding into european markets. flat as a pancake. this is where we stand. ftse 100 up half a percent. cac up 7%. break that down into sectors, you will see basic resources, best gainer. that son the back of the chinese data. banks not doing too badly as well, so europe helping out a little bit on that side as well. three sectors. household goods. certainly having the market impact at the moment. plenty of other data to go. on the debt markets, we'll keep our eyes on spanish auctions. probably nothing too much to worry about there. this is the service sector and the autumn statement will get a big focus for guilts today. 1.83% on the yields. on the currency markets, we talked about euro/dollar being high. look at aussie/
insurance surged 5% after hsbc explored a stake group. the nikkei closed at a seven-month high. shares gained 4% after the qualcomm investment firm. in south korea, samsung hit another all-time high, helping the kospi finish higher by .6 of a percent. this despite a slightly slower gdp growth in q3. back to you. >> sixuan, thanks very much indeed for that. that's feeding into european markets. flat as a pancake. this is where we stand. ftse 100 up half a percent. cac up 7%. break that...
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Dec 11, 2012
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. >>> british banking giant hsbc agreed to pay $1.92 billion to settle a money laundering investigation here in the u.s. hsbc is accused of transferring billions of dollars for nations like iran doing business with firms linked to terrorism and enabling mexican drug cartels to move money illegally through u.s. subsidiaries. the settlement represents the largest pen the ever paid by a bank. >>> now pot is officially legal in colorado. people 21 and older may have up to 1 ounce of weed, smoke it, not in public and grow a small amount at home as well. the governor has created a task force to help implement the law. here's the problem. it's complicated. the federal government still says marijuana is illegal. >> rocky mountain high. i'll be the billionth person to say that. >>> countdown to double secret lift jop. the space plane is cleared to lift off at 1:05 p.m. eastern time from cape canaveral. this is an unmanned reusable mini verlgs of the space shuttle. it lifts off vertically and lands on auto pilot on a runway. no one knows what it's carrying. the cost to develop it, that is also cl
. >>> british banking giant hsbc agreed to pay $1.92 billion to settle a money laundering investigation here in the u.s. hsbc is accused of transferring billions of dollars for nations like iran doing business with firms linked to terrorism and enabling mexican drug cartels to move money illegally through u.s. subsidiaries. the settlement represents the largest pen the ever paid by a bank. >>> now pot is officially legal in colorado. people 21 and older may have up to 1 ounce...
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Dec 11, 2012
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today the departments of justice and treasury announced a settlement with hsbc. the bank agreed to pay almost $2 billion in fines and penalties. it was charged with violating sanctions laws by conducting business with customers in iran, sudan, and cuba. it was also party to helping them launder almost $900 million for mexican drug cartels. at a news conference in new york city, u.s. attorney loretta lynch described some of the practices at one of the bank's mexican units. the investigation revealed that staggering amounts of cash, hundreds of thousands of u.s. dollars daily, were being deposited into h.s.b.c. mexico using boxes especially made to fit through their tellers' windows to speed the transactions. indeed it was reported to one h.s.b.c. official that h.s.b.c. mexico had received the ringing endorsement of money launderers as the place to launder money. >> woodruff: devlin barrett is covering this story for the "wall street journal," and has more details for us now. so, thank you for joining us. how much money was involved and what are some other examples
today the departments of justice and treasury announced a settlement with hsbc. the bank agreed to pay almost $2 billion in fines and penalties. it was charged with violating sanctions laws by conducting business with customers in iran, sudan, and cuba. it was also party to helping them launder almost $900 million for mexican drug cartels. at a news conference in new york city, u.s. attorney loretta lynch described some of the practices at one of the bank's mexican units. the investigation...
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Dec 6, 2012
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and hsbc reportedly might pay a fine of $1.8 billion as part of a settlement with u.s. law enforcement agencies. the settlement could be announced as soon as next week and has to do with money laundering lapses. the deal could be a test case for just how big a signal prosecutors want to send to halt the list of flows of money through u.s. banks. but that was billion with a b. let's get a check on the markets this morning. after the moves we saw yesterday, the dow up triple digits at one point. that the poebts you can see that the futures are indicated higher once again after it closed up about 85. in europe, right now at least there are some green arrows. best performer among those three indexes is the dax in germany. up 75. you also see gains with the cac in france and the ftse in london. in asia overnight, you did see slight drop by the hang seng and shanghai, those were big gainers the day before. and in japan, the nikkei up by 0.8%, kospi up 1%. oil prices this morning are trading up about 28 cents, 88.16. the ten year note this morning is sitting right at 1.85%. yo
and hsbc reportedly might pay a fine of $1.8 billion as part of a settlement with u.s. law enforcement agencies. the settlement could be announced as soon as next week and has to do with money laundering lapses. the deal could be a test case for just how big a signal prosecutors want to send to halt the list of flows of money through u.s. banks. but that was billion with a b. let's get a check on the markets this morning. after the moves we saw yesterday, the dow up triple digits at one point....
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Dec 31, 2012
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chinese manufacturing rebounding in december, according to hsbc. china pmi rising to 51.5. and that is a result of manufacturing in china in a year and a half. the shanghai index ended the day about 1.6% higher, highest close since june 20th. it has been a nice run that we've seen also in china to our point before. it's been up 16% since its four-year low in december. >> for the year the index is up 3% right now. for those who missed it, this will be the first annual gain in, i believe, three years' time. this has not been a positive stock market, despite the economy growing 7%, 8%, 9% or so. as the chinese president said this morning, there will be policies put in place to support growth. and whatever nervousness in the transition is going to fade and policymakers can get more involved. >> we've seen this play out in the metal stakes. the best fourth quarter in two years, up 56%. iron ore prices. that's a real lead on demand. and especially as the chinese government makes all these nods toward urbanization plans and the need to update and invest in infrastructure. these ar
chinese manufacturing rebounding in december, according to hsbc. china pmi rising to 51.5. and that is a result of manufacturing in china in a year and a half. the shanghai index ended the day about 1.6% higher, highest close since june 20th. it has been a nice run that we've seen also in china to our point before. it's been up 16% since its four-year low in december. >> for the year the index is up 3% right now. for those who missed it, this will be the first annual gain in, i believe,...
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Dec 11, 2012
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. >> hsbc, what they are accused of. in moments. you're watching "starting point." [ sniffs ] i have a cold. [ sniffs ] i took dayquil but my nose is still runny. [ male announcer ] truth is, dayquil doesn't treat that. really? [ male announcer ] alka-seltzer plus fights your worst cold symptoms, plus it relieves your runny nose. [ breathes deeply ] awesome. [ male announcer ] yes, it is. that's the cold truth! >>> good morning. welcome back. i'm christine romans. minding your business. three british nationals arrested in connection with the libor rate fixing scandal. libor rate is used to set rates on loans. three arrests out of the uk right now. >>> u.s. stock futures higher. fiscal cliff talks, federal reserve meeting in washington, two drivers for investments over the next couple of days. futures holding in there for now. >>> federal and state authorities have reached a record-setting settlement with british banking giant hsbc. europe's largest lender has agreed to a staggering settlement. this is a big fine. hsbc is accused of
. >> hsbc, what they are accused of. in moments. you're watching "starting point." [ sniffs ] i have a cold. [ sniffs ] i took dayquil but my nose is still runny. [ male announcer ] truth is, dayquil doesn't treat that. really? [ male announcer ] alka-seltzer plus fights your worst cold symptoms, plus it relieves your runny nose. [ breathes deeply ] awesome. [ male announcer ] yes, it is. that's the cold truth! >>> good morning. welcome back. i'm christine romans....
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Dec 10, 2012
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one thing we do want to note, hsbc had its rating cut from double a minus to double a. abercrombie & fitch, open humor out with a notice saying the retailer looks to the markets over the holidays. s intermec is looking to be up in 2013. jim, back to you. >> let's shift to the bonds and dollars. >> you know, looking at the ten-year, seeing it hovering around 160, is about as shocking as the sun coming up in the morning. but nonetheless, last week on interday trades, looked like we were going to close in the high 150s, which would have taken us back many more months. you can see the closing yield chart, going back all the way to august 1st. now, look at boon yields. political issues. you can have the best-laid plans by central banks in the end. ballot boxes, politics, it can get messy. think about what's going on here. now, if we look at the boon going back to august 1st, it's a differe bit of a different pattern. it is hovering at the lowest yields. it did close below yields since august. if we switch gears a bit, move a little bit around europe, everybody's talking abou
one thing we do want to note, hsbc had its rating cut from double a minus to double a. abercrombie & fitch, open humor out with a notice saying the retailer looks to the markets over the holidays. s intermec is looking to be up in 2013. jim, back to you. >> let's shift to the bonds and dollars. >> you know, looking at the ten-year, seeing it hovering around 160, is about as shocking as the sun coming up in the morning. but nonetheless, last week on interday trades, looked like...
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Dec 16, 2012
12/12
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hsbc executive said the bank was quote, profoundly sorry. before taxes, hsbc made $12.7 billion in profits the first half of this year, which makes it too big to prosecute. health care exchanged defined by the affordable care act to get health insurance for coverage and affordability. they will require federal involvement. utah and florida are undecided. 22 states who oppose the president will rely most on the obama administration to make health care coverage available to the residents least able to afford it. finally, where unions stand with chicago mayor rahm emanuel. in the week his former boss la meanted in michigan, he switched a contract to a non-union contractor. 300 union members will lose their jobs. they are not guaranteed full time work, will not have full health care coverage. it's owned by a man described as a reputed mobster. republicans are open to dismantling a labor force, democrats are perfectly willing to do their part, too. want to find out what my guests think you should know. >> i want to say that my daughter, kathryn h
hsbc executive said the bank was quote, profoundly sorry. before taxes, hsbc made $12.7 billion in profits the first half of this year, which makes it too big to prosecute. health care exchanged defined by the affordable care act to get health insurance for coverage and affordability. they will require federal involvement. utah and florida are undecided. 22 states who oppose the president will rely most on the obama administration to make health care coverage available to the residents least...
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Dec 11, 2012
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charlie, is this unique only to hsbc, or is in the first domino to fall here? >> well, i mean, there may be other banks, but it follows a pattern that the justice department has used since arthur anderson following the enron scandal. they didn't want to put any more big companies out of business, so they go into these deferred prosecution agreements, today hit the bank with a big fine and then today kind of move on. what's kind of like -- what's not good about this is that if you think about it, shareholders are suffering when you had probably individual employees who committed possible crimes here. jenna: so you don't think this was a policy necessarily of the entire bank, more department-specific? >> well, there are people involved, right? i mean, i'm not saying the bank shouldn't have been dinged here, but if you think about it, the deferred prosecution agreement extends to the bank. we don't know who's involved in this. and i, as a business reporter who writes for shareholders, say i think this is kind of a bad thing. to defer the blame to all the sharehold
charlie, is this unique only to hsbc, or is in the first domino to fall here? >> well, i mean, there may be other banks, but it follows a pattern that the justice department has used since arthur anderson following the enron scandal. they didn't want to put any more big companies out of business, so they go into these deferred prosecution agreements, today hit the bank with a big fine and then today kind of move on. what's kind of like -- what's not good about this is that if you think...
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Dec 13, 2012
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but it adds -- and then you've got all the stuff you were bringing up, hsbc, you've got the high frequency trading. you got the flash crash. you got the idea that it's not an even playing field. >> and then when interest rates are 1% or 2% people feel like no one knows what they should do. >> to what end? i think a big part of it is you have to step back and say what's the bigger picture? what's the concern? a lot of people feel like the system is rigged. so that, you know, one of the things that was interesting to me at e-trade was watching the evolution of self-directed to a need for guidance. sort of some level of guided advice. >> do you believe the -- do you believe that the retail investor has a fair shot? against the institutional investor? >> no. no. i do not. >> i do not. i think that at the end of the day to level the playing field, there are certain products and services that you can buy self-directed. >> shouldn't we be trying to level the playing field? >> of course. of course. >> but the answer is it's never going to be fair -- >> the same information as an institution -- >>
but it adds -- and then you've got all the stuff you were bringing up, hsbc, you've got the high frequency trading. you got the flash crash. you got the idea that it's not an even playing field. >> and then when interest rates are 1% or 2% people feel like no one knows what they should do. >> to what end? i think a big part of it is you have to step back and say what's the bigger picture? what's the concern? a lot of people feel like the system is rigged. so that, you know, one of...
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Dec 14, 2012
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hsbc's preliminary monthly purchasing manager index rose 50.9 from november's 50.5. also, china story. apple's iphone is officially on sale in china starting today. that should help apple reverse a slide in its market share in that really important area. but analysts say the key to apple's future in china is a tie-up with the telecom operator china mobile. the two have been in talks for years but haven't yet come to any agreement. and you wonder how much china, how much do they want? how much do you have to give up to get a part over there? almost everything, right? >> pretty much. all of your data, everything -- >> their way, they get your technology. do they get the lion's share of -- do they split anything down the middle? >> anyway let's talk about facebook. a major facebook lockup expiration is happening today. early employees' investors will get their first chance to sell about 156 million facebook shares since the ipo back in may. and joining us now on the "squawk" newsline, henry blodget, the ceo and editor in chief at business insider. good morning. >> good
hsbc's preliminary monthly purchasing manager index rose 50.9 from november's 50.5. also, china story. apple's iphone is officially on sale in china starting today. that should help apple reverse a slide in its market share in that really important area. but analysts say the key to apple's future in china is a tie-up with the telecom operator china mobile. the two have been in talks for years but haven't yet come to any agreement. and you wonder how much china, how much do they want? how much...
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Dec 11, 2012
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. >> hsbc. we're talking about paying $1.9 billion in the money lawnering lapses. a brirchb lender admitting to a breakdown of controls, in a statement announcing a deferred payment. yesterday standard chartered agreed to pay $27 million agreeing that it violates sanctions against iran and two other international companies. >> if you're an international bank and you prael without getting into this kind of trouble? >> no. >> can you actually operate without money laundering? >> i'm just saying, if you're going to be in business in all these types of markets, isn't this going to happen? >> aren't there sxwier countries that would be probably -- that it would stead if you don't want any business tale. >> was there a fascination in this country about whether you want to indict the whole institution or what happens systemically. >> is this your sequel? >> i was on the phone last night. one of the two publishers that are left. we have other news on wall street this morning, morgan stanley said to be considering asking the fed to hold permission to hold a share buyback. "
. >> hsbc. we're talking about paying $1.9 billion in the money lawnering lapses. a brirchb lender admitting to a breakdown of controls, in a statement announcing a deferred payment. yesterday standard chartered agreed to pay $27 million agreeing that it violates sanctions against iran and two other international companies. >> if you're an international bank and you prael without getting into this kind of trouble? >> no. >> can you actually operate without money...
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Dec 23, 2012
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according to hsbc in 2000 mexican workers earned nearly five times the salary of their chinese peers. but by 2011, mexican workers were only about a third more expensive than chinese workers. when you project all these advantages into the next few years, mexico's economic future looks robust. the national intelligence council released an important report called "global trends 2030" one trend it looks at is how demographic changes will shape the world. countries with younger, more dynamic populations will grow faster. while the median age in mexico will be 30, 40, japan's median age will hit 52. america actually has an advantage here at 39. our median age will only be five years older than that of mexico's. trends don't ensure particular outcome, but it's clear that contrary to its global image, mexico's economy has momentum. it will be among the world's top ten economies by the end of this decade. smart reforms can build it further. the irony is that one possible impediment to mexico's growth could be the very country that is its biggest asset, the united states. if we slow down, so w
according to hsbc in 2000 mexican workers earned nearly five times the salary of their chinese peers. but by 2011, mexican workers were only about a third more expensive than chinese workers. when you project all these advantages into the next few years, mexico's economic future looks robust. the national intelligence council released an important report called "global trends 2030" one trend it looks at is how demographic changes will shape the world. countries with younger, more...
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Dec 11, 2012
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hsbc paying $1.29 billion fine to settle a multiyear probe. the u.s. justice department saying the bank failed to endorse rules to prevent laundering of criminal cash. 49% stake in virgin atlantic airways for $360 million. they begin a joint venture on daily round trip flights between the the u.k. and north america. direct tv charging $3 more a month for sports network for those who want packages above the lowest tier. the 20 # 13 l.a. dodgers set to have the largest opening day payroll in major league baseball history with a recent report saying the payroll is more than $220 million beating out the previous record held by, yes, 2008's david's new york yankees, and speaking of the yankees, dropping stubhub as the retailer of choice. the refusal to set a price floor for transactions prompted the team to opt out of the deal, and, yes, i blew it. you heard the buzzer. david: oh, you were close. we've seen images of angry protesters in michigan heating up all over michigan, but despite the push back, the house there approved a right-to-work bill that gover
hsbc paying $1.29 billion fine to settle a multiyear probe. the u.s. justice department saying the bank failed to endorse rules to prevent laundering of criminal cash. 49% stake in virgin atlantic airways for $360 million. they begin a joint venture on daily round trip flights between the the u.k. and north america. direct tv charging $3 more a month for sports network for those who want packages above the lowest tier. the 20 # 13 l.a. dodgers set to have the largest opening day payroll in...
WHUT (Howard University Television)
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Dec 31, 2012
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federal and new york state prosecutors have unveiled their $1.9 billion settlement with the banking giant hsbc for a massive money laundering scheme used by drug cartels and other illegal groups. >> you can do real time in jail and therefore doing ridiculous offenses, or taking it up two subway seats. people go to jail all the time in this country. for having a marijuana stem in your pocket. there are 50,000 marijuana- related cases in america alone every year. and here we have a bank money laundered billions of dollars and they cannot find anyone to put in jail. >> i had a chance to speak directly to leonard peltier when he called into a news conference organized by his lawyers and pete seeger. >> what would you do if you were free? >> probably go home on house arrest. that is the only thing i could expect. i do not think obama would do what bill clinton did. he is not going to give any clemencies until his last year. it is not going to happen. george bush signed the second chance act, which is house arrest, so we are pushing for that. if i do get house arrest, at least i can get some medical
federal and new york state prosecutors have unveiled their $1.9 billion settlement with the banking giant hsbc for a massive money laundering scheme used by drug cartels and other illegal groups. >> you can do real time in jail and therefore doing ridiculous offenses, or taking it up two subway seats. people go to jail all the time in this country. for having a marijuana stem in your pocket. there are 50,000 marijuana- related cases in america alone every year. and here we have a bank...
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Dec 11, 2012
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. >>> in other news this morning, a monster legal sentiment will be finalized involving hsbc. the bank is settling a case brought by u.s. government and also authorities here in new york hsbc will pay $1.9 billion to settle accusations it illegally transferred money on behalf of sanctioned nations, including iran and help mexican drug cartels launder monday. >>> a florida woman has been found guilty of first degree murder for shooting a lottery winner in a plot to get his money. a jury in tampa convicted her of the 2009 murder of abraham shakespeare who had won $17 million. he was found buried in concrete in the backyard of her boyfriend. the judge called her cold, calculating, and cruel. >>> we now know the identity of the second lucky winner of that record powerball jackpot. matthew goode had tried to remain anonymous in claiming his share of the $587 million prize. yeah, that didn't happen. it was only a matter of time before his name was discovered. he is originally from pennsylvania, but moved to phoenix area last year. he took a one-time payout of $192 million, telling o
. >>> in other news this morning, a monster legal sentiment will be finalized involving hsbc. the bank is settling a case brought by u.s. government and also authorities here in new york hsbc will pay $1.9 billion to settle accusations it illegally transferred money on behalf of sanctioned nations, including iran and help mexican drug cartels launder monday. >>> a florida woman has been found guilty of first degree murder for shooting a lottery winner in a plot to get his...